Lion Electric (NGA) to receive $100M of “free money” to build batteries Factory and Innovation Center – Idaho Reporter

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Lion Electric (NGA) to receive $100M of “free money” to build batteries Factory and Innovation Center

Shares of Northern Genesis Acquisition (NYSE:NGA) are up more than 13% on Monday following a stream of positive information. Northern Genesis is a special-purpose acquisition company (SPAC) that is preparing to merge with Canadian electric-vehicle maker Lion Electric. Today, Lion Electric, together with the prime minister of Canada, announced a new factory.

During the press conference we learned following :

  • 650 trucks will be build this year for Amazon and Canadian National. In 2023, 2 500 trucks will be built for those companies.
  • Lion Electric will receive $CAD 50 million from Federal and same amount from Provincial Government to built their batteries Factory and Innovation Center.Lion will invest around $185 CAD into this factory.
  • Lion will invest 10M in R&D.
  • Lion will be able from 2023 to produce one battery module every 11 seconds and a full battery pack every 5 minutes.
  • Lion will be able to electrify 14 000 vehicles annually.

“With today’s announcement, we are continuing to take steps to support our Canadian businesses, invest in innovation,and protect the environment. It is because of companies like Lion Electric that we are accelerating our transition to a
resilient and competitive clean growth economy.”- noted Justin Trudeau, Prime Minister of Canada.

 

This seems like a good news for both Lion and NGA stock holders.

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